HONG Kong has been overtaken by Singapore (新加坡) in a global survey on fostering and attracting talent, due to an inadequate investment in education.
The city dropped six places to 18th on the annual World Talent Ranking report published by the Switzerland-based International Institute for Management Development Business School (IMD).
It was replaced as the best place in Asia by Singapore, which was ranked 13th.
Switzerland (瑞士) topped the ranking for the fifth consecutive year, followed by Denmark (丹麥) and Norway (挪威). The rest of the top 10 was dominated by European countries and Canada (加拿大).
The report said Hong Kong’s strength lies in appealing to highly skilled overseas professionals, which enables it to sustain its top-tier talent pool. “However, its gradual decline is worrying for the future, especially considering that it lags behind in terms of public investments in education,” the report said.
The SAR’s total public expenditure on education was only 3.3 percent of its gross domestic product (GDP), making it 56th among all 63 places under assessment.
The quality of life also caused Hong Kong to fall behind. The SAR was 32nd, 14 places behind Singapore.
Hong Kong failed to excel in language skills, as it was 32nd, while Singapore was eighth. The SAR was just four spots higher than China.
(This article is published on Junior Standard on 28 November 2018)
World Talent Ranking
Nurturing talents – Policy Address 2018